Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (4) Revenue ($355.000) Expenses: Wages and salaries ($3,700+ $86.00q)) Fuel ($34.004) Airport fees ($850 +$32.004) Aircraft depreciation ($11.000) office expenses ($220 +$1.009) Total expense Net operating income Actual Flexible Planning Results Budget Budget 55 55 53 $ 16,300 $19,525 $18,815 8,398 8,430 8,258 2,032 1,870 1,802 2,465 2,610 2,546 605 605 583 443 275 273 13,943 13,790 13,462 $ 2,357 $ 5,735 $ 5,353 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1 Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31- Actual Results Flights Revenue 55 $ 16,300 Flexible Budget Planning Budget 55 53 $ 19,525 S 18,815 Expenses Wages and salaries 8,398 8.430 8,258 Fuel 2,032 1.870 1,802 Airport fees 2,465 2.610 2,546 Aircraft depreciation 605 605 583 Office expenses 443 275 273 Total expense 13,943 13,790 13.462 Net operating income S 2,357 $ 5.735 $ 5,353